Plug Power (NASDAQ:PLUG) Trading Down 4.9% – Here’s What Happened

Plug Power Inc. (NASDAQ:PLUG)’s share price was down 4.9% during mid-day trading on Monday . The company traded as low as $2.63 and last traded at $2.73. Approximately 29,198,412 shares changed hands during trading, a decline of 65% from the average daily volume of 82,375,547 shares. The stock had previously closed at $2.87.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on PLUG shares. Craig Hallum decreased their price target on Plug Power from $4.00 to $3.00 and set a “buy” rating on the stock in a research note on Thursday, November 14th. Wells Fargo & Company lowered their target price on Plug Power from $3.00 to $2.00 and set an “equal weight” rating on the stock in a report on Thursday, November 14th. Evercore ISI lowered their target price on Plug Power from $5.00 to $4.00 and set an “outperform” rating on the stock in a report on Wednesday, November 13th. Jefferies Financial Group dropped their price target on Plug Power from $2.20 to $2.00 and set a “hold” rating for the company in a research report on Thursday, October 3rd. Finally, Canaccord Genuity Group reduced their price objective on Plug Power from $2.50 to $2.25 and set a “hold” rating on the stock in a research report on Wednesday, November 13th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $4.52.

Plug Power Stock Up 1.9 %

The stock has a fifty day moving average price of $2.30 and a 200-day moving average price of $2.24. The firm has a market cap of $2.47 billion, a PE ratio of -1.27 and a beta of 1.79. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 2.08.

Plug Power (NASDAQ:PLUG) last released its quarterly earnings data on Tuesday, November 12th. The electronics maker reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.01). Plug Power had a negative return on equity of 46.99% and a negative net margin of 214.05%. The business had revenue of $173.70 million for the quarter, compared to analysts’ expectations of $207.25 million. During the same quarter in the prior year, the firm earned ($0.47) earnings per share. Plug Power’s quarterly revenue was down 12.6% compared to the same quarter last year. Research analysts expect that Plug Power Inc. will post -1.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Arkadios Wealth Advisors lifted its stake in shares of Plug Power by 88.0% in the fourth quarter. Arkadios Wealth Advisors now owns 62,082 shares of the electronics maker’s stock worth $132,000 after acquiring an additional 29,062 shares in the last quarter. Kieckhefer Group LLC acquired a new stake in shares of Plug Power during the fourth quarter worth approximately $138,000. Sanctuary Advisors LLC bought a new stake in shares of Plug Power in the third quarter worth $206,000. Arete Wealth Advisors LLC raised its holdings in Plug Power by 575.8% in the third quarter. Arete Wealth Advisors LLC now owns 147,117 shares of the electronics maker’s stock valued at $332,000 after acquiring an additional 125,347 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Plug Power by 23.6% during the 3rd quarter. Geode Capital Management LLC now owns 19,194,629 shares of the electronics maker’s stock valued at $43,388,000 after acquiring an additional 3,662,456 shares during the last quarter. 43.48% of the stock is currently owned by hedge funds and other institutional investors.

Plug Power Company Profile

Plug Power Inc develops hydrogen and fuel cell product solutions in North America, Europe, Asia, and internationally. The company offers GenDrive, a hydrogen-fueled proton exchange membrane (PEM) fuel cell system that provides power to material handling electric vehicles; GenSure, a stationary fuel cell solution that offers modular PEM fuel cell power to support the backup and grid-support power requirements of the telecommunications, transportation, and utility sectors; ProGen, a fuel cell stack and engine technology used in mobility and stationary fuel cell systems, and as engines in electric delivery vans; GenFuel, a liquid hydrogen fueling delivery, generation, storage, and dispensing system; GenCare, an ongoing Internet of Things-based maintenance and on-site service program for GenDrive fuel cell systems, GenSure fuel cell systems, GenFuel hydrogen storage and dispensing products, and ProGen fuel cell engines; and GenKey, an integrated turn-key solution for transitioning to fuel cell power.